A group of North East companies have joined forces to host a seminar on how farm businesses can be structured to meet the demands of the 21st century.
The event, which is based on the idea that modern farming is a lifestyle as well as a business, will be held on June 9 at Durham County Cricket Club, and will feature presentations from:
- Andrew Jamieson of H&H Land and Property, who will be summarising the opportunities and challenges within UK agriculture this year;
- Craig Brough, also of H&H, who will look at managing cash flows in volatile markets and the importance of budgeting and securing finance;
- Alex Wilby, of Swinburne Maddison LLP, who will discuss the benefits of incorporating a business – a step that can reduce risk, make succession planning easier and, ultimately, save money;
- Peter Millar and Emma Glover from Rowlands Accountants, who will talk about tax issues and opportunities specific to farming clients.
Tim Sedgewick, of H&H Land and Property, who co-organised the seminar, said those involved wished to hold an event that would be dynamic and beneficial to a range of attendees.
“It is often said that farming is more than just business; it is a way of life,” he said.
“We could not agree more and felt it was important to build on our successful seminars last year.
“I hope that the ‘Structuring your Business for the 21st Century’ seminar is engaging and thought-provoking for those who attend.”
He added that agriculture was a “volatile business” in which to operate and, with an increasing amount of land coming to market as well as higher input costs, it was important to manage cash flow should the need for finance should ever arise.
“Craig Brough will demonstrate this in addition to the significance of budgeting to secure finance,” he added.
Alex Wilby, a solicitor and partner with Swinburne Maddison LLP, said: “There are a number of key issues for agricultural clients to consider, which will be discussed on the night. “There can be significant benefits in running a business through a limited company.
“Risk is managed, succession planning can be more straight-forward and there may be savings to be made both in the day-to-day running of the business and in any sale of either land or the business at a future date.
“I shall be talking about why it is important to consider your legal structure, the main differences, and the pros and cons between trading in a personal capacity, as a partnership or as a company, and the money that you can potentially save by getting your structure correct.”
Emma Glover of Rowlands Accountants said: “Agriculture continues to be a highly competitive industry, so it’s important that farmers put measures to cope throughout both the economic and agricultural cycles.
“With tax always an issue, there is no doubt that your accountant is also going to be a vital adviser, providing the support and guidance needed, when it is needed.”
The event, which will take place in the Castle View Suite at Durham County Cricket Club, will include a complementary hot buffet, with people being asked to arrive from 6pm for a prompt 6.30pm start.
Anyone wishing to attend should register their interest with Janice Dutton at H&H Land and Property on 0191 370 8530 or email@example.com